US futures wavered on Friday, as the market monitored a disagreement between Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell over emergency pandemic programs, amid elevated virus cases.

The Fed signaled its disappointment following the Treasury’s decision to allow some emergency Federal Reserve programs to expire on Dec. 31.

Mnuchin asked for the return of $455 billion allocated to the Treasury under the CARES Act last spring, much of which was set aside for Fed programs to buoy the economy. Mnuchin said the programs had served their purpose and the funds will become available to Congress instead.

The central bank pushed back, saying the programs served a vital role.

In corporate news; Foot Locker (FL) and Hibbett Sports (HIBB) both reported their Q3 earnings ahead of this morning's opening bell.

TODAY'S TOP HEADLINES
Coronavirus: US Infections Set Another Daily Record. (The WSJ)
The US reported 187,833 new cases on Thursday, exceeding the last daily record by more than 10,000 as the pandemic continues to surge.

ECONOMIC CALENDAR
Today's Economical Announcements.
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STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Hibbett Sports (HIBB): [EARNINGS] Posted quarterly earnings of $1.47 per share, more than triple the consensus estimate of 45 cents per share. Revenue also exceeded forecasts, with a same-store sales increase of 21%. Analysts surveyed by Refinitiv had expected a comparable store increase of 7.5%.

FireEye (FEYE): [NEWS] Is receiving a strategic investment from private-equity firm Blackstone (BX) and venture capital firm ClearSky. The firms will purchase $400 million in the cybersecurity firm’s convertible preferred stock, which is convertible into FireEye common shares at a price of $18 per share. FireEye closed Thursday at $14.24 per share.

Foot Locker (FL): [EARNINGS] Earned $1.21 per share for its latest quarter, compared to a consensus estimate of 63 cents a share. Revenue beat estimates as well, while same-store sales rose 7.7%. Analysts surveyed by FactSet had expected comparable-store sales to drop by 1.2%.

Ross Stores (ROST): [EARNINGS] Earned $1.02 per share for its latest quarter, well above the 61 cents a share consensus estimate. The discount retailer’s revenue also beat Wall Street forecasts. Comparable-store sales fell by 3%, but that was a much smaller decline than the 12.6% drop predicted by analysts.

The Buckle (BKE): [EARNINGS] Beat estimates by 30 cents a share, with quarterly earnings of 85 cents per share. Revenue beat estimates as well, helped by a 72.5% surge in online sales.

Workday (WDAY): [EARNINGS] Reported quarterly earnings of 86 cents per share, 19 cents a share above estimates. Revenue topped estimates as well. The maker of human resources and finance-focused cloud software also raised its subscription revenue outlook for 2021, but also issued warnings about the lingering impact of the pandemic on its results.

Capri Holdings (CPRI): [UPGRADE] Upgraded to “buy” from “neutral” at BTIG, which said that the extent of Capri’s earnings rebound and its current valuation level is largely underappreciated.

Pfizer (PFE): [NEWS] The drugmaker and German partner BioNTech (BNTX) plan to apply today for emergency use authorization for their Covid-19 vaccine. Earlier this week, study data analysis showed the vaccine to be 95% effective.

Eli Lilly (LLY): [NEWS] Received emergency use authorization from the Food and Drug Administration for combining its arthritis drug barictinib with the Gilead Sciences (GILD) treatment remdesivir to treat Covid-19 patients. Separately, the World Health Organization recommended against the use of remdesivir to treat the virus.

Corteva (CTVA): [NEWS] Corteva’s board of directors is backing CEO James Collins, according to people familiar with the matter who spoke to Reuters. Activist investor Starboard Value has been critical of the agricultural products company’s management, saying it is lagging behind its peers and not living up to its potential.

Williams-Sonoma (WSM): [EARNINGS] Reported quarterly earnings of $2.56 per share, well above the consensus estimate of $1.53 a share. The housewares retailer’s revenue beat estimates as well. Digital sales jumped 49% and the company reported record operating profit margins.

Walt Disney (DIS): [NEWS] Is moving the debut of more films from theaters to its Disney+ streaming service, according to a Deadline report. The films are said to include “Pinocchio,” “Peter Pan” and “Cruella.”

Intuit (INTU): [EARNINGS] Reported quarterly profit of 94 cents per share, nearly tripling the consensus estimate of 37 cents a share. The maker of TurboTax and other financial software’s revenue came in above forecasts. Intuit said its results got a boost from an increase in sales for both its small business and consumer offerings.

MOMENTUM STOCKS
GAINERS: CORT, BILI, DAO, JMIA, LB
DECLINERS: AVYA, CODX

TODAY'S IPOs
Lifesci Acquisition (LSAQ) (Price: 10) (Est. Vol: $75.0M)
Sotera Health Company (SHC) (Price: 23) (Est. Vol: $1.0172B)

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